The combined market valuation of seven of the top-10 most-valued firms eroded by ₹1.25 lakh crore last week, with Reliance Industries taking the biggest hit, in-line with a bearish trend in equities.
Last week, the BSE benchmark Sensex declined 532.4 points, or 0.71 per cent, and the NSE Nifty dipped 181.05 points, or 0.76 per cent.
"Persistent FII selling remained the key drag on market sentiment despite supportive developments such as cooling crude oil prices and a recovery in the rupee against the US dollar. Concerns regarding the pace of monsoon advancement also weighed on investor confidence," Santosh Meena, Head of Research at Swastika Investmart Ltd, said.
From the top-10 pack, Reliance Industries, Bharti Airtel, Tata Consultancy Services (TCS), Bajaj Finance, Larsen & Toubro, Life Insurance Corporation of India (LIC) and Hindustan Unilever faced erosion from their valuation, while HDFC Bank, ICICI Bank, and State Bank of India were the gainers.
The market valuation of Reliance Industries dropped ₹39,718 crore to ₹17,47,321.40 crore.
TCS faced an erosion of ₹20,134.66 crore from its valuation, which stood at ₹7,95,346.09 crore.
Bharti Airtel's market valuation dived ₹18,736.04 crore to ₹10,96,150.49 crore and that of Larsen & Toubro tumbled ₹16,880.2 crore to ₹5,43,956.44 crore.
The market capitalisation (mcap) of LIC diminished ₹14,610.74 crore to ₹5,05,873.32 crore.
Bajaj Finance lost ₹9,681.36 crore from its mcap, which stood at ₹5,53,580.97 crore.
The valuation of Hindustan Unilever declined ₹5,909.23 crore to ₹4,98,301.31 crore.
However, the mcap of State Bank of India jumped ₹12,692.09 crore to ₹9,02,523.63 crore.
The valuation of ICICI Bank went up ₹4,484.86 crore to ₹9,05,074.77 crore and that of HDFC Bank climbed ₹4,101.47 crore to ₹11,50,743.31 crore.
Reliance Industries remained the most-valued domestic firm followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, Larsen & Toubro, LIC, and Hindustan Unilever.
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